Insider Buying: Novagold Resources (NYSEAMERICAN:NG) Director Buys $37,440.00 in Stock

Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) Director Dawn Patricia Whittaker purchased 4,000 shares of Novagold Resources stock in a transaction on Wednesday, February 4th. The shares were acquired at an average cost of $9.36 per share, with a total value of $37,440.00. Following the completion of the transaction, the director directly owned 4,000 shares in the company, valued at $37,440. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Novagold Resources Stock Up 10.7%

NG stock opened at $9.19 on Monday. The firm’s fifty day simple moving average is $9.85 and its 200-day simple moving average is $8.44. The company has a market capitalization of $3.74 billion, a P/E ratio of -36.76 and a beta of 0.82. The company has a debt-to-equity ratio of 1.02, a current ratio of 23.79 and a quick ratio of 23.79. Novagold Resources Inc. has a 12 month low of $2.26 and a 12 month high of $12.09.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Scotiabank started coverage on Novagold Resources in a report on Friday. They issued a “sector outperform” rating for the company. National Bank Financial upgraded shares of Novagold Resources from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, October 29th. Zacks Research lowered shares of Novagold Resources from a “hold” rating to a “strong sell” rating in a research report on Friday, January 30th. BMO Capital Markets began coverage on shares of Novagold Resources in a research report on Tuesday, November 4th. They issued an “outperform” rating for the company. Finally, B. Riley Financial increased their target price on shares of Novagold Resources from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Novagold Resources currently has an average rating of “Moderate Buy” and a consensus target price of $10.83.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Torren Management LLC acquired a new stake in Novagold Resources in the 4th quarter worth about $27,000. Leonteq Securities AG acquired a new stake in shares of Novagold Resources in the fourth quarter worth approximately $38,000. Hantz Financial Services Inc. purchased a new stake in shares of Novagold Resources during the third quarter worth approximately $40,000. Shepherd Financial Partners LLC purchased a new stake in shares of Novagold Resources during the second quarter worth approximately $41,000. Finally, Quadrature Capital Ltd acquired a new position in Novagold Resources in the 2nd quarter valued at $44,000. Institutional investors and hedge funds own 57.56% of the company’s stock.

About Novagold Resources

Novagold Resources Inc is a mineral exploration and development company headquartered in Vancouver, British Columbia. The firm is focused on advancing large-scale precious metals projects through disciplined project management, environmental stewardship and community engagement. Novagold maintains a lean corporate structure while leveraging partnerships and industry expertise to advance its projects toward production.

The company’s flagship asset is the Donlin Gold project in Alaska, a 50/50 joint venture with Barrick Gold Corporation.